Saudi Arabia Announces Decision Concerning "Online" Bank Accounts.

Sources told the Saudi newspaper "Okaz" that the Saudi central bank has ordered banks and banks to prevent the opening of accounts for individuals or institutions via the Internet, starting next Sunday. According to sources, opening new accounts can only be done through bank branches. The Central Bank has also decided that the daily limit for transfers via electronic services for all segments of banking customers is 60 thousand riyals (about 16 thousand dollars). It specified that non-Saudi customers will not be able to add payees via electronic services and that payees can only be added via the branch. The new decision provides that the transfers of the express interbank system remain in the transferor's bank for two hours and the international transfers remain in the transferor's bank for 24 hours. This was based on the increase in fraud cases and the diversity of its methods, including identity theft, bogus investments, bogus employment, bogus web pages, driving schools and abuse of power. (dollar = 3.75 Saudi riyals) Source: "Okaz"